Congress might consider reversing the idiotic Rule 151A, which brings indexed annuities into line with securities and thus under the purview of the SEC, effectively shutting insurance agents out of the equation.
Agents and agent groups have voiced their opposition to the law, which would keep life insurance agents from using the popular financial tool. State insurance commissioners, under the auspices of the NAIC, are also seeking to repeal the law.
According to IFAwebnews.com, a Democrat congressman and a Republican congressman are seeking to invalidate the law, which is set to go into effect in 2011.
Rule 151A might be on the chopping block via IFAwebnews.com .
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